UPDATE: Germantown is on the brink of a significant economic boost as plans for “The Standard,” a transformative mixed-use development, advance. The Industrial Development Board (IDB) is scheduled to review the Tax Increment Financing (TIF) application on December 3, 2023, at 4 p.m., aiming to breathe new life into the former Carrefour shopping center.
The ambitious project, spearheaded by CRE Devco Germantown, LLC, seeks to establish a vibrant community hub with a new commercial space featuring the upscale Josephine Estelle restaurant in Phase I. Phase II will add 320 apartments, additional retail spaces, and a parking structure, enhancing the area’s appeal and accessibility.
The TIF proposal requests a 20-year term, earmarking 75% of the new property tax revenue for vital public infrastructure improvements, including roads and utilities. Construction is projected to commence in April 2026, contingent upon IDB and Board of Mayor and Aldermen (BMA) approvals.
The IDB’s review on December 3 will assess the TIF application, allowing for public comments and setting the stage for a follow-up public hearing on January 13, 2024, at 6 p.m. This hearing will provide a platform for community input before the IDB votes on the TIF.
For Germantown residents, TIFs serve as a crucial tool for fostering development while protecting the existing tax base. This financing mechanism captures new property taxes generated by the project to fund necessary infrastructure upgrades. To qualify, the development must meet the “but for” test, demonstrating that it would not proceed at its proposed scale without TIF support.
As the city prepares for the IDB meeting, ongoing updates will be shared, ensuring the community remains informed and involved in the process. The potential impact of “The Standard” on Germantown’s economy and quality of life underscores the urgency for residents to engage in the upcoming discussions.
Stay tuned as this story develops and the IDB moves closer to a decision that could reshape Germantown’s landscape!
